This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: HHC

The Howard Hughes Corporation achieved important milestones and accomplishments for 2012 within each of its business segments. Master planned community land sales increased $30.1 million to $180.4 million on a “same property” basis for the year ended December 31, 2012, a 20.0% increase over 2011. Net operating income from our income-producing operating assets increased by $6.4 million to $62.0 million for 2012 compared to 2011. The increase is net of a $(3.4) million fourth quarter 2012 NOI loss at the South Street Seaport due to Superstorm Sandy, compared to $2.2 million of NOI in fourth quarter 2011. We also completed the lease amendment with the City of New York to permit the redevelopment of Pier 17 at South Street Seaport. The Landmarks Commission and City Planning Commission each unanimously approved our redevelopment plans.

At Ward Centers, we announced our vision for the redevelopment of the 60-acre property into a world-class urban master planned community called Ward Village, and also entered into leases with major tenants which will add approximately $3.0 million of incremental annual NOI to the property by early 2014. For more information regarding the Ward Village development, please visit In early 2013, we intend to begin redevelopment on Riverwalk Marketplace to transform it into the first upscale outlet center in the U.S. located in an urban location.

Several development projects are underway or are expected to be launched in 2013. ONE Ala Moana condominium project sold out after 29 hours of public sales and should begin development in the first half of 2013. The 380-unit apartment project at the Columbia Town Center, which we are developing with local partners, began construction in February 2013. We have 427,000 square feet of Class A office space under construction at The Woodlands with a 2013 delivery date; and our Millennium Woodlands Phase II joint venture at The Woodlands began construction on a 314-unit apartment building in 2012. We are also pre-leasing The Shops at Summerlin now that we have obtained commitments from Macy’s and Dillard’s for 180,000 and 200,000 square feet, respectively, created a catalyst for leasing the remainder of the 1.5 million square foot mixed use project.

2 of 10

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs